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Jumbo, Greek Retailer, Says First-Half Profit Advances 9.3%

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Feb. 24 (Bloomberg) -- Jumbo SA, Greece’s biggest toy retailer, said fiscal first-half profit advanced 9.3 percent after a tax applied on last year’s earnings wasn’t repeated.

Net income rose to 54 million euros ($74.3 million) in the six months through December, from 49.4 million euros in the same period a year earlier, the Athens-based company said in an e-mailed statement today. Jumbo took a 9.8 million euro charge in the first-half last year for a special levy imposed by the Greek government.

Sales fell 0.7 percent to 290.2 million euros, hurt by lower consumer spending in Greece as the government implements austerity measures, including salary cuts and a higher sales tax. The measures are part of terms agreed last May with the European Union and International Monetary Fund in exchange for 110 billion euros in emergency loans to stave off a default.

Jumbo, which also sells baby products and stationery, expects six new hyperstores it opened in the period to “contribute to the group’s future growth,” the statement said.

The company plans to open three new stores in Greece and another three in Bulgaria by June 2012, the statement said. The retailer has 51 outlets currently, with 44 in Greece, three in Cyprus and four in Bulgaria.

Earnings before interest, taxes, depreciation and amortization fell 11 percent to 75.5 million euros, Jumbo said.

To contact the reporter on this story: Natalie Weeks in Athens nweeks2@bloomberg.net.

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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